That's the consensus of the 20 economists polled for the BusinessDay end-of-year economic survey.

Our terms of trade will slip in the year ahead, but not by enough to derail the Treasury's and Reserve Bank's pleasing forecast of economic growth close to trend.
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China - the key to Australia's prosperity - will be hit by a downturn in Europe, but not by as much as it would have been a few years earlier.

"Regional Asian growth is now much less dependent on strong external export markets," the Commonwealth Bank chief economist, Michael Blythe, said. "Asia will be the stronger part of the global economy in the year ahead whatever the outcome elsewhere. A very high proportion of Australia's exports to Asia are tied in with that domestic story."